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Freeport McMoRan, Jiangxi Copper agree to 5% cut in smelter charges

Published 11/17/2016, 09:17 AM
Freeport McMoRan, Jiangxi Copper agree to 5% cut in smelter charges
FCX
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HG
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JJC
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CPER
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CUPM
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  • Freeport McMoRan (NYSE:FCX) has secured a 5% drop in charges it will pay China's biggest copper smelter, Jiangxi Copper, to process its concentrate for 2017, Reuters reports, in a deal that sets the benchmark for the region.
  • FCX reportedly will pay $92.50/metric ton and $.0925/pound for treatment and refining charges, in the second annual cut in a row and down from $.0975/metric ton for term contracts this year, as a surge in supply mostly from Peru begins to fade out; spot charges are at ~$105.
  • ETFs: JJC, CPER, CUPM


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